Oman real estate: Ministry of Housing issues price schedule to regularise prices

Muscat: In a move to regularise real estate prices in the Sultanate, the Ministry of Housing has issed price schedule.
In a statement Ministry said that the real estate schedule, circulated through the social networks, comes within the regulatory measures to specify the actual value of the real estate as per the market prices.
The Ministry said that the schedule, which is a reference point for real estate deed transfer transactions, will control individual assessment by real estate authentication officers at the Ministry.
It has maintained coordination with the relevant authorities to address some remarks on the importance of real assessment of the real estate as per the actual movement in the real estate sector.
The step comes in response to the need to take systematic and practical measures that specify the actual value of real estate as per the market movement.
The Ministry of Housing said that a number of approved real estate offices were approached to provide real estate prices for all governorates. The Ministry approved the average prices provided to it by these offices.
The Ministry said that some real estate traders do not disclose the real value of the transactions to reduce the fees collected from them. This results in collected less fees than actual.
The real estate prices will be updated every four months depending on the movement of the real estate market. The Ministry will receive assessments from three approved real estate brokers and calculate the average meter price at such estimates.
'Contrary to what is circulated, no real estate price hike has been recorded due to the prices stated in the real estate assessment schedules. While the monthly real estate trading is stable, the Ministry will keep an eye on what is circulated on this issue, the statement added.